Heidelberg Materials AG

Latest Results (01.02.2026):

Heidelberg Materials AG — reporting results for the third quarter / first nine months of 2025 (January–September 2025). The group posted revenue of €16,205m (+2.9% year‑on‑year), RCOBD €3,432m (+4.6%), RCO €2,461m (+5.8%) and earnings per share €7.95 (+11.8%). RCOBD margin improved to 21.2%. The company confirmed its 2025 outlook (RCO €3.30–3.50bn; ROIC ~10%) and continued major sustainability and M&A activity, including first deliveries of evoZero® near‑zero cement and the opening of the Brevik carbon capture facility.

Key financials

Revenue €16,205m (+2.9%); RCOBD €3,432m (+4.6%); RCO €2,461m (+5.8%); EPS €7.95 (+11.8%). Leverage remained stable at net debt / RCOBD = 1.5x.

Margins & profitability

RCOBD margin rose 35 bps to 21.2%; RCO margin increased to 15.2%. Management cites price improvements and Transformation Accelerator cost savings as key drivers.

Outlook 2025

Managing Board confirms prior guidance: RCO expected between €3.30–3.50bn (previous guidance €3.25–3.55bn) and ROIC around 10%. A slight reduction in specific net CO2 emissions per tonne of cementitious material is expected vs. 2024.

Share buyback & capital actions

New buyback programme up to €1.2bn (three tranches). First tranche (approx. 3.6m shares, ~€350m) was cancelled and capital reduced; second tranche (up to €450m) started 5 June 2025 and, by 31 Oct 2025, about 1.9m treasury shares had been repurchased (~€363.5m).

Sustainability & carbon capture

Brevik CCS (Norway) opened June 2025 and is expected to capture ~400k tCO2 p.a.; first deliveries of evoZero® carbon‑captured near‑zero cement to European customers have started. Górażdże pilot for targeted carbonation launched; Padeswood CCS (UK) reached FID and a funding agreement with the UK government (target ~800k tCO2 p.a., operational by 2029). 2050 CO2 targets validated by SBTi; company added to DJSI Europe.

M&A and portfolio moves

Several strategic acquisitions completed or advanced: Giant Cement Holding (US East Coast) and Giant Resource Recovery; BURNCO Rock Products (Canada); Midway Concrete (Australia); Asment de Témara and Grabemaro (Morocco) integrated; acquisition of BGC Cementitious (Australia) completed in Oct 2025. Sale of Lukala cement plant (DRC) closed July 2025 as part of portfolio optimisation.

Regional trends

Africa‑Mediterranean‑Western Asia led growth (revenue +18.1%, RCOBD +29.3%). North America revenue +2.8% with healthy margins; Europe modest revenue growth (+1.9%) and slight margin uptick; Asia‑Pacific revenue down (-3.4%) but margins improved year‑on‑year.

Financing

Issued a €750m EMTN bond in January 2025 (maturity 2030) and repaid a €1bn bond at scheduled maturity. Net financing posture remains stable while funding M&A and CCS investments.